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Listed by:Paragon Real Estate Advisors • Michael Urquhart
$ 1,795,000
Est. payment | /mo
10 Beds
10 Baths
4,950 SqFt
$ 1,795,000
Est. payment | /mo
10 Beds
10 Baths
4,950 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 4,950 sqft
Price per Sqft $362
Subdivision Ballard
MLS Listing ID 2531058
Style 55 - 5-9 Units
Bedrooms 10
Year Built 1978
Annual Tax Amount $17,768
Lot Size 5,100 Sqft
Property Sub-Type Multi Family
Property Description
Kos Apartments is a five unit multifamily property located in the Ballard neighborhood of Seattle. All five units are two bedroom, two bathroom residences averaging 990 square feet, positioned on a 5,100 square foot LR3 RC (M1) zoned lot. The property was constructed in 1978 and features wood frame construction, double pane vinyl windows, copper plumbing, and five dedicated parking stalls including four carport stalls. Two of the five units have been renovated and are leased at rents approaching market. The remaining three units are in original condition and leased month to month, with two tenants in place since 2011. This tenant structure presents a clean path for a renovation value-add play: as legacy tenants turn, a new owner can renovate the units to the same finish level as the two renovated units, supporting a renovated rent target of $2,550 per unit and a 6.4% proforma cap rate. Ballard continues to see strong rental demand driven by proximity to downtown Seattle, Fremont, and the broader South Lake Union employment corridor, as well as walkable retail, waterfront access, and established transit connectivity.
Location
State WA
County King
Area 705 - Ballard/Greenlake
Interior
Flooring Laminate, Carpet
Fireplace false
Exterior
Exterior Feature Wood Products
View Y/N No
Roof Type Composition
Building
Sewer Sewer Connected
Water Public
New Construction No
Schools
School District Seattle
Others
Senior Community No
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
"Three Trees" icon indicates a listing provided courtesy of NWMLS.
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Cari Shumaker
Managing Broker | Lic# 22020507